China pulls back from Iranian oil as US sanctions take effect – Treasury chief

US Treasury Secretary Scott Bessent announced on Tuesday, July 21, that China has significantly reduced its purchases of Iranian oil.

“We have sanctioned Chinese ... so-called ⁠teapot refineries, which are ​the private refineries, and we've ​seen a substantial decrease in their purchases of Iranian oil,” Reuters quoted Bessent as saying in an interview with Fox Business Network.

He added that, overall, China has reduced its crude oil purchases by around 40% in recent months due to high prices and the availability of a large strategic oil reserve, a move he said was putting direct pressure on Iran.

By Jeyhun Aghazada